Selling my timeshare

[glen4cindy]

Where can I sell my timeshare that is a legitimate place?

I've inquired at Timeshares Only, but, don't know how much I can trust them.

I've heard from some sources that I can only expect 30% of what I paid, but, I don't know that for sure.

Timeshares Only told me that I can expect to get 0.11 per point for my sale.

I've got 605,000 points, so that would be acceptable to me, but, can I really expect that? I've got about 550,000 points that I have to either sell, use, rent out, or bank with RCI by the end of December, '08.

The thing about Timeshares Only, they say they should be able to rent these for us.

I still owe money on my timeshare, so I am paying those montly fees, PLUS my maintenance fees. I could put THAT money away each month and have a pretty nice vacation by years end, so I don't know why my wife and I were so foolish as to buy, then upgrade TWICE in the first place.

The 2nd upgrade, they promised to LOCK in our fees and they claimed they would TELL us where and when to book and they could RENT our "weeks" and we could supposedly use 28,000 point weeks to take our vacations as usual. Well, this has not worked out the way they promised. We can never get the places they say we need to get to get our weeks rented.

I've got MOST of my timeshare on my home equity loan so, if I could get the 0.11 per point, this would take card of much of it! We would certainly sell for that, if Timeshares Only could in fact get us. We owe about 18K but, that would still give us quite a bit to pay down our HECL to recoup some of our "investment" that we were promised that this time share was supposed to be.

Thanks for any help and or suggestions anyone can provide.

 

[TUGBrian]

Welcome to the group, I would suggest (as would many if not all others) to start reading the "how to sell your timeshare" article posted at the top of this forum:

http://www.tugbbs.com/forums/showthread.php?t=44

 

[rickandcindy23]

Timeshares Only pretty much lets you set your own price. They aren't supposed to tell you what you should charge for it. The people on the phone aren't brokers--they're telephone solicitors, and they have no idea what they are talking about, if they said you could get 11 cents a point (is that what they said?).

Fairfield/ Wyndham points sell for pennies per point, and if you stick around here, or if you visit: www.wyndhamowners.org (free), you will learn how to use the points you own to your advantage.

Honestly, what you have is GREAT, even if you paid too much at developer prices! Many of us made that mistake. Why would you sell your points that provide a great vacation, to buy a vacation? If you look ten months out, you can get anything you want and take a vacation without staying in a hotel room.

Do yourself a favor and stick around, learn, and stop piling mistakes on top of mistakes. We bought from a developer twice, and we had our regrets, but we learned to use them, and we love what we own.

 

[vacationhopeful]

Wow, if those are Wyndham/Fairfield points and you have Gold VIP, you have a nice little package to PLAY with. You just must LEARN to use these points to your advantage.

If not WyndhamPoints, this still applies. Points systems all require their owners to PLAN 10-13 months in advance of their vacation experience. So right now, you should be looking to book as your home resorts for Oct 3 (+/-1 day) back to Jul 4th (the 10 month mark) ... these are a high travel period for families. You must learn to PLAN and think what is happening in the future.

There are other rules, too. Does your points system allow you to RENT you vacation time out (RCI Points and RCI exchanges DO NOT)? If Wyndham GOLD VIP, you get 10 FREE guests certificates (or unlimited if you talk to another VC). You get free unit upgrades 45 days before check in. You get discounted reservations when booked 60 days or less. Then, you must be very flexible. And if Wyndham, you must love 8AM Eastern Time Zone and your computer as this is when the returned weeks are made available to other owners (or call the 1-800 number).

And if all else fails, give away you vacation time to family and friends (this is allowed by RCI and RCI exchanges). With RCI, you can buy a 1 year, 5 year, or 10 years "Guest Certificate" - good thing, it you have a friend or family member who would wants to help eat up your vacation "problem". Just don't let the corporation get your $$$ w/o you using or giving away what you are paying for.

Join TUGs to get the resort reviews (cheap at $15), spend many hours reading these boards about your points system, ask good questions, and you will soon be more informed. Then you will be getting the vacations you thought you were buying.

As for what the T/S salesmen have told you, that is call "Weasal Speak" ==> not exactly fiction, just partial truths, and very pretty pictures. You aren't the first or last to have brought that "pretty picture" of VACATION LA LA LAND... learn more here and achieve that goal. Almost everyone who stays around the Tug BBS, is a happier T/S person. Because they go on really nice vacations.

And Welcome to Tugs!

 

[glen4cindy]

For 1 thing, I am tired of the maintenance fees.

When we first bought, I was self employed and could take alot of time off. Now I am not. I don't see how we will use all of our points.

We also later upgraded to Club Access. That has not worked as they promised either! We were supposed to be able to book weeks at certain resorts and them have THEM sell the weeks for us to help pay maintenance fees. Whenever we call, everything they suggest is already sold.

I am paying $500/month with $250 of that being maintenance fees, and have something that I have not really even been able to use.

We get 605,000 yearly points. When we first bought, we only bought 500,000. We were told we could EASILY take cruises on that amount of points. Everytime my wife has tried to book a cruise, we have been told that it will take 2,000,000 points to get a cruise. Our original salesman told us that we could take a 7 night cruise to Alaska for 500K points! We bought under FALSE pretenses! I wish we could go back and UNDO this, but, it has been WAY too long for that. We always seem to get the run-around whenever we call to book someplace. Everytime we call, we are told something different, even when asking about the same places for the same dates.

I'm sorry to be so bitter, but, we paid $80K for 605,000 points. 80K would have several of the kind of cruises my wife and I like to take. We told them that a large portion of our vacation budget was in cruises and we had in mind a cruise for our points every other year. We obviously cannot do that, unless someone can tell me how to get a cruise for the few hundered thousand points we were promised in the beginning.

Thanks for the tips so far............

 

[glen4cindy]

Timeshares Only pretty much lets you set your own price. They aren't supposed to tell you what you should charge for it. The people on the phone aren't brokers--they're telephone solicitors, and they have no idea what they are talking about, if they said you could get 11 cents a point (is that what they said?).

Yes, they told us that we can expcet to get 0.11 per point. I was afraid that was BUNK!

 

[geekette]

Can't help with your points system, but definitely try to rent out what you can to cover as much of your cost as possible. A sale can take a loonnngggg time, even if priced well. Don't pay attention to what TSO told you that it will sell for.

Book holidays and school breaks for best chances of success and higher rental rates. Book as far in advance as you are able and start marketing as soon as you have the conf #.

I would not list with TSO - you can do better on Redweek, resortnetwork.com, ebay, classifieds here or timeshareforums.com

These sites do not have hefty upfront fees and are more likely to bring you a buying audience, but, you have to price it right. Are you able to split your potential sales into smaller packages, or does it have to go Lump Sum? Smaller might be easier to manage, sale-wise. Plus, every chunk you sell decreases the monthly nut.

Plenty of us spent too much, you are in good company here on that front. I'm really sorry you haven't been able to use it, tho. Yeah, situations change. Do see if you have friends and family (and don't forget co-workers!)that want to go places that are available and charge them rates that are reasonable. Gets used, you get a bit of $.

Cruising - you are better off paying cash, unless your system has some real bargains - most don't and in fact make it more expensive! If you can make some rentals that cover your costs and then some, check out CruiseCritic.com for tips on how to get discounts.

I wish you good luck, and hopefully, HAPPY TRAVELS!

 

[vacationhopeful]

We all here at Tugs have seen similiar tales of questionable sales tactics from the sales "professionals". We have had changes of employment and vacation interests over the years Or found out we were "had" by half truths or out & out lies.

Cruises are fun and relaxing. Sleep in one bed, see different places every day, have delightful meals, and evening entertainment. I am sure there are some things you don't like about cruising, too. I get seasick real easy.

But you have $80,000 upfront dollars tied up in this timeshare points system. You have a financial obligation of $500/month. You will get pennies on the dollar if you sell. Defaulting gets your credit report deep-sixed. It is your choice - use your TS or lose the $$$$. There is no 'do over' button after the purchase rescind period is over.

If you want to cut the runaround down, learn more about your points system. I have commitment my member directory to memory - the rules section is NOT that many pages. It was mainly a vocabulary thing so I spoke the same language as the VCs (vacation counselor). And almost all of the VCs didn't spend no $80K to get their jobs, like us.

If you want help in figuring out the system, some cheerful and nice TUGGER will try to answer your questions and offer you insights, opinions or options. I (& almost every other TUGGER) have yet to get a commission check from the timeshare entities, but my typing has improved a lot, spelling is better, and I needed a better laptop.

 

[richardm]

I've heard from some sources that I can only expect 30% of what I paid, but, I don't know that for sure.

The Wyndham pts market currently is only about 10-15% of the original developer price- or somewhere between 1 to 2 cents per point. I think Wyndham is currently the most difficult of the big brands to sell.

Renting may be a viable option for you, but be sure you actually book dates so you have confirmed reservations for your classified ads (unless you find a rental agent that you are comfortable trusting with access to your account). The rental market is still tough- so try to pick dates you or your family can also use if you don't find a renter.

Most renters search by date and resort now- so ads that just show available Wyndham points don't get much activity except from vacation brokers and rental companies that will offer you about half your maintenance fees to transfer your points to their account, which they then book and rent for a profit.

 

[richardm]

But you have $80,000 upfront dollars tied up in this timeshare points system. You have a financial obligation of $500/month. You will get pennies on the dollar if you sell. Defaulting gets your credit report deep-sixed. It is your choice - use your TS or lose the $$$$. There is no 'do over' button after the purchase rescind period is over.

Well said! Learning to use the ownership should always be the first option...

 

[AwayWeGo]

Eighty Grand For Full-Freight Timeshares! Is That Big Bux Or What ?

I'm sorry to be so bitter, but, we paid $80K for 605,000 points.

I hate hearing how the timeshare companies get over on the customers like that -- to the tune of Eighty Grand -- as in $80,000 !

Sheesh !

I mean, how can people ever enjoy timeshare vacationing after the timeshare sellers set them up in something so financially burdensome that way ?

This makes me feel like getting 1 of those truck-mounted mobile billboards . . .

-- hotliknked --​

. . . to drive around the timeshare neighborhoods of Orlando FL, up & down Rt. 192, all around International Drive, & all over the place all morning & all afternoon, carrying 1 simple message, to wit:

BUY TIMESHARES RESALE
SAVE THOUSANDS​

How's that for a 2nd career ?

-- Alan Cole, McLean (Fairfax County), Virginia, USA.​

 

[Jya-Ning]

We also later upgraded to Club Access. That has not worked as they promised either! We were supposed to be able to book weeks at certain resorts and them have THEM sell the weeks for us to help pay maintenance fees. Whenever we call, everything they suggest is already sold.

Club Access? Isn't it a RTU? I thought they are grouping all the older resorts to back that, and that is the inventories you can get at ARP period?

Try to joint the forums.atozed.com and try to rent your point out first. Look like your MF is about 5.0 / 1K. Add some cost if you try to use paypal, I believe they charge like 2.9% + .30 or something like that for bank account, and 4.9% if you are regular paypal account and the buyer pays you credit card. Or if you just take personal check, wait till the check is clear, than do the transfer, so you don't need to worry about the renting for now. You may get like $5.3 /K in return. and take the cash to purchase the cruise. So see if you willing to do that. The point has to be regular points (i.e., not used, or put into credit pool).

With time, you can start to try to call at 13 month when ARP starts, and try to get the inventories you want, or try to get inventiry at 60 days, so you can get some discount and see if it can get you more to recover your money.

In the meantime, you can still try to sell it, put ad on the sites with no or very little cost.

If my understanding of club access is right, you are selling a RTU and I am afraid it will bring much less unless they pump the new inventory into that club.

Jya-Ning